Access to credit has undoubtedly become easier in recent times thanks to the rise of digital credit providers, as well as the increased financial inclusion initiatives.
These advancements have made it simpler for businesses and individuals to access the credit needed to run their errands.
NCBA Bank is among the lenders leading this transformation, with various products tailored to meet each client’s specific needs.
The lender has rolled out various products to cater to different needs, including property finance, personal loans, and asset finance, among others.
These products are a game-changer and have seen NCBA become a reliable financier for both individuals and businesses in Kenya, evidenced by the increased loan disbursements the bank experienced in the first quarter of this year.
During the period, NCBA reported a 32 percent year-on-year growth of digital loan disbursements to Sh307 billion, which pushed the lender’s profit after tax to Sh5.5 billion.
The NCBA unsecured personal loan is among the products that have caught the attention of many customers.
Monthly fees, benefits and features of NCBA business accounts for entrepreneurs
Available to all NCBA account holders, the product targets formally employed individuals with an active account for at least 3 months.
The product provides access to financing of between Sh100,000 to Sh4 million, with a repayment period of between 6 and 72 months.
The loans attract an interest rate of 13 percent, a processing fee of Sh7000, an insurance fee of 0.7 percent, and an excise duty of 20 percent. No collateral is required.
NCBA loan repayment frequency is monthly, and the repayments are done through check-off or auto-deductions. Early repayment of the loan is also allowed, and late loans are charged a late fees rate of 30 percent per annum.
How to apply for NCBA unsecured personal loan
The application method is via paperwork, and borrowers are required to visit the nearest NCBA branch to complete the application.
Once is approved, the money is disbursed to the customer’s account. Application fees are deducted upfront, meaning the amount disbursed is lower than the amount requested.
NCBA unsecured personal loan requirements
To qualify for this loan, borrowers must meet the following requirements:
- Be formally employed
- Have had an active NCBA account for at least 3 months
- Confirmation letter from the employer
- CRB must be in good standing
- Certified Pay-slips
- National ID
- KRA PIN
- Application form filled and signed
- 6 months bank statement (for non-account holders)
